Lucy invested $30,000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, h

Question

Lucy invested $30,000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?

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Amelia 1 week 2022-01-14T20:10:28+00:00 2 Answers 0 views 0

Answers ( )

    0
    2022-01-14T20:11:59+00:00

    Answer:

    A≈54300

    Step-by-step explanation:

    0
    2022-01-14T20:12:07+00:00

    Answer:

    $287,800

    Step-by-step explanation:

    A=P(1+r)t

    Where

    A=Compound Interest value

    P=Principal or present value

    r=rate of interest

    t= time

    Given,

    P=$30,000

    r=6.6%=0.066

    t=9 years

    A=$30,000(1+0.066)9

    A=$30,000(1.066)9

    A=$30,000(9.594)

    A=$287,820

    Approximately

    $287,800

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